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Loss on sale of depreciable asset

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Querist : Anonymous

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Querist : Anonymous (Querist)
12 December 2013 that loss is shown on b&p Or in stcl? how Thats entry Is passed?
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CA PARAS BAFNA

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CA PARAS BAFNA (Expert)
12 December 2013
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Loss on depreciable assets under the conditions prescribed U/s 50 is a short term capital loss and accordingly it has to be shown under the head Capital gains. It is suggested to read the Section.
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You may pass the entry by debiting the Loss on Sale of Assets A/c and transferring the same to P&L A/c.
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While preparing the computation of Total Income, Add the loss in NP as per P&L A/c and show it separately under the head Capital Gains.
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